| 1) When did the new law become effective? |
| The new law became effective July 1, 2001. |
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| 2) How many new forms are there? |
| The new forms include the UCC Financing Statement, UCC Financing Statement Addendum, UCC Financing Statement Amendment and UCC Financing Statement Amendment Addendum. |
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| 3) Where do I get the new forms? |
| They are available on our website by clicking here. The forms are interactive so they can be completed online and then printed out. |
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| 4) Can I still use the old Georgia form? |
| You can use the old Georgia UCC-1 and UCC-3 forms until midnight of December 31, 2001, but not the UCC-2 form. |
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| 5) Is there a change in where I file UCCs? |
| Effective July 1, 2001, the filing party now files the UCC in the state where the debtor resides (for an individual) or where the debtor is incorporated (for a business). Georgia continues to be a local filing/central indexing state, so initial UCC Financing Statements should be filed with a Clerk of Superior Court. |
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| 6) What constitutes a filing? |
| According to 11-9-502, the financing statement must contain at least the name of the debtor, name of the secured party and indicate the description of the collateral covered, and if it consists of consumer goods and the obligation is $5,000 or less, it must provide a maturity date or state that there is none. |
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| 7) I understand if the collateral is defined as consumer goods and the secured obligation is under $5,000, then I have to assign a maturity date to the financing statement. Where do I put it on the form? |
| There is not a specific place for the stated maturity date to be placed on the form, so we suggest placing it in Block 8 and adding the wording “Subject to a Maturity Date of (Month/Day/Year).” |
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| 8) What are the reasons a Clerk of Superior Court can reject a filing? |
| See the list of reasons located in the Clerk Resource Center. Click here to access the list. |
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| 9) Can a Clerk refuse a filing for reasons other than those stated above? |
| No, the clerk should not refuse a filing for any reason other than those set out by the legislation. |
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| 10) What happens if a Clerk accepts a UCC filing that should have been rejected according to the list of reasons to reject? |
| Whether the secured party has secured perfection through filing depends on many factors but filing alone does not equal perfection. Bottom line: the secured party is responsible for filing correctly. |
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| 11) What is meant by jurisdiction of organization in block 2f? |
| It is the place (state) where the corporation is incorporated. |
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| 12) Is there a requirement that blocks 1e, 1f and 1g be completed? |
| Yes, if the debtor is an organization/corporation/business. |
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| 13) How do I file an initial UCC assignment? |
| Under the new UCC legislation and using the new national forms, you would complete the UCC Financing Statement as directed and complete block 12 of the UCC Addendum. Both should be filed with a Clerk of Superior Court. |
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| 14) How do I terminate a UCC filing under the Revised Article 9? |
| Use the UCC Amendment form. |
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| 15) Do I have to terminate a filing once the debt is relieved? |
| A termination statement must be filed within 20 days after the secured party receives an authenticated demand from the debtor. Even if no demand is received from the debtor, though, a termination statement must be filed within one month after there is no longer a secured obligation or commitment to lend if the collateral is consumer goods, or within 90 days after there is no longer a secured obligation or commitment to lend if the collateral is something other than consumer goods. The secured party may be liable for damages for failing to do this. |
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| 16) Do I still use a UCC-2 for real estate-related UCC filings? |
No. The UCC-2 Notice Filing form has been eliminated. Our suggestion is as follows: Complete the UCC Financing Statement and check block 6. Also complete the Addendum (Block 13, 14 and 15 if applicable). It is our suggestion that you include a note to the clerk asking for this to be filed and recorded in the real estate records. This filing fee is $12. Refer to code section 11-9-502 for the filing requirements of real property related financing statements.
To also file the filing in the UCC records, you need to file another original UCC (but DO NOT check Block 6), attach the UCC Addendum and instruct the clerk to file this filing in the UCC records. The filing fee for this will be $12. This basically mimics the "old" UCC-2 notice process. |
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| 17) I lend to a farmer who farms in three counties. In the past I would file a UCC-2 in each of those counties and a UCC-1 in only one county. What would be the suggested procedure after July for this type of transaction? |
| You will need to complete the process described in question #16 in each county where the land is located. |
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| 18) Is the national Information Request Form UCC-11 the same as the current Georgia form? |
| No, it is different. The Clerks’ Authority will accept both forms through December 31, 2001. |
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| 19) What happens if the filing party checks block 7 on the UCC-1 requesting a search? |
| The clerk cannot perform the search. All searches take place at the Clerks’ Authority. |
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| 20) I have a debtor who doesn’t use their registered name regularly. Should I list that name as well as their trade name on the UCC? |
| The filing party should use the debtor's legal name. Extra names such as trade names can be added as additional debtors. |
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| 21) How will additional debtor names and secured party names be submitted? |
| You have a couple options. You can use the UCC Financing Statement Addendum and follow the instructions or you can use an 8 ½ x 11-inch piece of white paper and clearly label the names to be added. At the top of the attachment page, type the phrase “Additional Debtors” or “Additional Secured Parties” and the original debtor name. |
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| 22) Did the filing fees change? |
| The basic filing fee of $10 did not change. |
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| 23) What is the fee for a UCC filed with an addendum? |
| $10 for the UCC financing Statement and an additional $2 for the addendum. |
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| 24) Is the fee for an addendum the same as an attachment? |
| Yes, $2 per page or addendum. |
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| 25) I understand that signatures are no longer needed on the forms. Is that true? |
| Yes, signatures are no longer required on the forms. |
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| 26) What is a correction statement and with whom do I file it? |
| A correction statement is a form that is filed with the Clerk of Superior Court in the county of the original filing by a person with respect to a record filed under that person’s name if the person believes that the record is inaccurate (no filing fee required) or was wrongfully filed (the standard filing fee of $10 applies). The correction statement must identify the record to which it relates by the file number, indicate that it is a correction statement and provide the reason the person believes the record is inaccurate or wrongfully filed. |
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| 27) Will clerks’ offices be required to return acknowledgement copies even if block B is not completed? |
| If an acknowledgement copy is needed by the filing party, then Block B MUST be completed, or if the filing party provides a copy of the filing to be returned as the acknowledgement copy, then the clerks' office shall return the acknowledgement copy with the recording information on the copy. However if the filing party does not complete Block B or provide a copy of the instrument to be returned as the acknowledgement copy, then the clerks' office is not required to return an acknowledgement copy. It is also suggested if the filing party is asking for an acknowledgement copy to be returned, that the filing party provide a self-addressed stamped envelope along with the filing. |
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| 28) Is it required that information be entered in the “Country” block on the UCC Financing Statement form? |
| It is recommended to complete all appropriate blocks. |
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| 29) Does block 18 on the addendum (UCC Ad) pertain to Georgia? |
| No. |
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| 30) Is the social security number/federal tax id number required on the national forms? |
| No. There is a block (1d) on the UCC Financing Statement that is for that purpose, but it is not a requirement. |
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| 31) If a bank has been doing business with a "registered organization" and has never obtained their organizational ID number, should they endeavor to get the ID number for new transactions? |
| Yes, it is recommended. |
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| 32) If a copy of the agreement is filed with the UCC, is there a charge for the additional pages filed? Does the agreement have to be filed? |
| The charge is $10 for the UCC and $2 per page of the agreement. There is no requirement that the agreement has to be filed. |
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| 33) Any thoughts on how a subordination should be filed using the UCC Amendment form? |
| Technically, there is no need to file a subordination under RA9. However, many secured parties like to create a public record for searchers. Previously, the filer simply added language in the collateral box and that is the recommended practice under revised Article 9. The filer can also use the Addendum's "Miscellaneous" box if the subordination is known at the time of original filing.The filing fee would be $10 for the UCC and $2 for the Addendum. |
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| 34) On the UCC Amendment form, can you have multiple actions (i.e. a continuation and an amendment) on one document? |
| No, you cannot have multiple actions on one document such as a continuation and an amendment. Each is a separate action and carries a separate fee. You can only have one action per UCC Amendment form. |
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| 35) When a UCC Continuation is filed to continue an existing UCC-1, what date does the new Continuation use as its effective date? |
| See code section 11-9-515(d). |
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| 36) Is Georgia going to allow electronic filing of UCCs? |
| Yes. That option will be available in the near future. |
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| 37) I am terminating a UCC Real Estate-Related Filing. Do I include the debtor name on the UCC Termination? |
| Yes. Include the debtor name in Block 6. Also for the Termination that is to be filed and recorded in the real estate records, make sure the original book and page number are listed in Block 1(a) and that Block 1(b) is checked. For the Termination that is to be recorded in the UCC records, list the original file number in Block 1(a); do not check Block 1(b); indicate the action desired; list the debtor in Block 6; and complete Block 9. |
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| 38) Must the filing party use the Addendum to add debtor names? |
| It is advisable but not required. The filing party can also use a blank piece of white 8 1/2 X 11 inch paper. They should put the first debtor's name at the top of the page to help identify this as an addition to the filing. |
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| 39) Must the Financing Statement Addendum form be filed with a financing statement designated for the UCC records that accompanies a UCC financing statement designated for the real estate records? |
| It is advisable to include the Addendum along with the original financing statement for filing in the UCC records. |
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| 40) The debtor's address has changed. How do I get this address on record? |
| You would file the UCC Amendment. Put the original file number in Block 1A. Check Block 5 and check that this amendment applies to the debtor and check the box that indicates that it is a change of name/address. Then give the current record name of the debtor in Block 6a or 6b. Then list the new address in Block 7c and also complete Block 9 as it applies. |
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| 41) How do I file a financing statement that has crops as the collateral? |
| Crops are treated as any other real estate related collateral and should be filed accordingly. You would complete the UCC Financing Statement and make sure Block 6 is checked and also complete the UCC Addendum and make sure Block 14 (and Block 15 if applicable) is completed. You would have this filed and recorded in the real estate records of the county where the crops are located. To also have this appear on the statewide UCC index, you would complete another UCC Financing Statement and UCC Addendum for filing in the UCC records but Block 6 on the UCC Financing Statement should not be checked. |
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| 42) Is the original debtor name required on a UCC termination? |
| It is not required to list the original debtor on the form. The filing party should list the original file number in Block 1(a); check the action desired (Block 2, 3, 4, 5 or 8); and list the name of the secured party in Block 9. If the filing party wants to list the name of the original debtor again, he should list it in Block 6 or on a separate sheet of paper so that it is indexed again. |
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| 43) If the debtor name is not required on most UCC Amendments, how will we relate filings on a search? |
| UCC Amendments all require the original file number in Block 1(a). When you do a debtor search, related UCC Amendments will show up in the search based on the linking of UCC original file numbers to UCC Amendments. On the search, there is a box titled “File History” (soon to be called “Related Filings”). This box shows the related filings. |
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